Deccan Chronicle Holdings Ltd (DCHL) on Monday revealed that all of its four independent directors had resigned from the company's board.
The four independent directors who resigned from the board are: M Sukumar Reddy, P Siddhartha, G Kumar and V Suresh.
The beleaguered company, however, didn't give any reasons for its board members' resignations.
G Kumar, who is a chartered accountant and a banking, taxation & project consult, had been shouldering the responsibility of the company's audit committee in addition to its remuneration committee. Sukumar Reddy and V Suresh were also part of the company's audit committee.
The company had accepted the resignations of the four directors on 8th of December, but disclosed those resignations to the stock exchanges on 17th of December.
Responding quickly to the situation, the company filled up three of those four vacant positions. The company said it appointed V Lakshmana Charya, S Suresh and Venkateswarlu Malapaka as additional directors.
The company said in a statement, "These directors are non executive - independent."
DCHL has been facing numerous allegations, including offering inadequate collateral to the banks and liquidity crisis. As per some estimates, the company is burdened with a debt pile of more than 5,000 crore. Canara Bank, the company's lead banker, is reportedly auditing the company's accounts to find out the accounting practices of the company and determine the reason for its unexpected liquidity crisis.
- Toshiba, United Technologies ink agreement for global growth in HVAC solutions
- Google offers artificial personal assistant for users ready to give up personal info
- Apple launches iPhone 6, iPhone 6 Plus in India
- Google profits plunges 5 percent YOY, in Q3
- HCL Technologies Q1 Net up 32.3% at Rs 1,873 crore